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Session Law

2005

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Chapter 136 AN ACT PROVIDING SENIOR TAX RELIEF.

Whereas, The deferred operation of this act would tend to defeat its purpose, which is to provide forthwith tax relief for the senior population in the commonwealth, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.


Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Section 5 of chapter 59 of the General Laws, as appearing in the 2004 Official Edition, is hereby amended by inserting after the word "annum", in line 1001, the following words:- or such lesser rate as may be determined by the legislative body of the city or town, subject to its charter, no later than the beginning of the fiscal year to which the tax relates.

SECTION 2. Paragraph (1) of subsection (k) of section 6 of chapter 62 of the General Laws, as so appearing, is hereby amended by inserting before the definition of "Cost-of-living-adjustment" the following definition:-

"Cost-of-housing adjustment", for any calendar year, the percentage, if any, by which the average assessed value for a single-family home in the commonwealth for the preceding calendar year, as calculated by the department of revenue, exceeds the average assessed value for a single-family home in the commonwealth for calendar year 2004, as reported by the department.

SECTION 3. Said section 6 of said chapter 62, as so appearing, is hereby further amended by striking out, in line 328, the figure "$400,000" and inserting in place thereof the following figure:- $600,000.

SECTION 4. Paragraph (4) of subsection (k) of said section 6 of said chapter 62, as so appearing, is hereby amended by striking out the first sentence and inserting in place thereof the following 2 sentences:- For a taxable year beginning on or after January 1, 2001 and before January 1, 2005, the income, valuation and credit limits in this subsection shall be increased
by amounts equal to such income, valuation and credit limits multiplied by the cost-of-living adjustment for the calendar year in which such taxable year begins. For a taxable year beginning on or after January 1, 2005, the income and credit limits in this subsection shall be increased by amounts equal to such income and credit limits multiplied by the cost-of-living adjustment for the calendar year in which such taxable year begins, and the valuation limit in this subsection shall be increased by an amount equal to such valuation limit multiplied by the cost-of-housing adjustment for the calendar year in
which such taxable year begins.

SECTION 5. The commissioner of revenue shall adopt regulations to carry out the purposes of this act.

Approved November 20, 2005.

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